Currency under War Communism: An example of Gresham's Law? |
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Authors: | Cristóbal Matarán |
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Affiliation: | Universidad Europea de Madrid, Spain |
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Abstract: | This article covers the consequences of the Bolsheviks' coup d'état in 1917 for the Soviet monetary system. I argue that the episode illustrates Gresham's Law, as three different currencies made an appearance in the Russian economy. This monetary disorder is scarcely mentioned by Marxist authors. It was a failure that would be mitigated by the subsequent New Economic Policy, an amendment to the Bolshevist War Communism programme of nationalisation and intervention in the economy. |
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Keywords: | Gresham's Law Russian Revolution Soviet economics War Communism |
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